Venezuela’s government said that it has legalized bitcoin (BTC) and altcoin mining – though continued that miners would have to obtain licenses and agree to be controlled by regulators.
As reported by media outlet Criptonoticias, the Venezuelan administration has issued an official proclamation declaring that all crypto mining rig manufacturers, crypto “farm” constructors, and mining hardware importers will also be subject to spot inspections.
Citizens who want to mine bitcoin and other cryptoassets will have to apply for a license from the National Superintendency of Cryptoassets and Related Activities (SUNACRIP), which will police the nation’s miners.
SUNACRIP did not specify how much a license would cost but added that pricing details would be made available via an online application system currently in development.
The regulator added that it would be building a “comprehensive registry of miners,” an online database that hosts details about individual miners, detailing what kind of mining activities they carry out, no matter whether they market, make, import, or make use of crypto mining equipment.
And the new regulations do not stop there: SUNACRIP has created what it terms the National Digital Mining Pool, insisting that membership is “mandatory” – and failure to comply will be punishable with “sanctions.”
SUNACRIP stated that its measures were part of an effort to “bring together all the miners of Venezuela.“
Through data released earlier this year by the University of Cambridge’s Cambridge Center for Alternative Finance, Venezuela is Latin America’s most significant bitcoin miner and places in the global top ten.